How to Find and Identify Hidden Assets During Property Division

 Posted on March 20, 2019 in High Asset Divorce

Each side during a divorce is responsible for researching their various marital assets to ensure that there is an equitable division of property. However, your spouse may try to gain an advantage by hiding assets from you. Even if the hidden assets are not marital property, they are part of your spouse’s individual wealth after your divorce. A divorce court may award you additional marital properties or greater spousal maintenance if your spouse has significant individual assets. Finding hidden assets may take more effort than the normal discovery process in a divorce.

Where to Look

Suspecting that your spouse has hidden assets does not mean that you know what they are or where they have been hidden. Fortunately, there should be financial records of the purchase or movement of substantial assets. There are several sources that may lead you to hidden assets:

1. Tax Returns: Your spouse’s federal and state income tax returns must report all of his or her sources of income, including interest from investments and withdrawals from trusts. Looking at the tax deductions may uncover hidden properties that your spouse owns;
2. Loan Applications: When applying for a loan, your spouse must report all of his or her income, assets, debts, and expenses;
3. Account History: You can ask for records of all activity from financial accounts that you own jointly with your spouse or that your spouse owns individually; and
4. Hidden Accounts: You can subpoena a financial institution where you suspect that your spouse has an account, forcing the institution to turn over any records related to your spouse’s account.

When you receive these records, you are looking for activity involving money or assets for which you cannot identify the source.

Obtaining Information

You can ask your spouse to voluntarily give you these financial records, but he or she is unlikely to cooperate. There are several ways that you can force your spouse to provide information, such as:

• Ordering your spouse’s attorney to turn over specified documents;
• Using interrogatories to ask your spouse to answer a written question or confirm a statement;
• Requesting an inspection of physical properties; or
• Issuing an oral deposition for your spouse to answer questions under oath.

Your spouse could face financial sanctions or be charged with perjury if he or she disobeys a court order or lies about hidden assets.

Contact a St. Charles Divorce Attorney

You will need professional guidance when trying to find assets that your spouse may be hiding. A Kane County divorce lawyer at Goostree Law Group knows where assets are normally hidden and how to discover them. To schedule a free consultation, call 630-584-4800.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/#13bc23e06fd1